Getting the Most Out of Your Market
Understand your local residential real estate market
Work out Your Target
Before any good salesperson can make a sale, whether they're going door-to-door or are fixed in a shopping mall, they have to know their market. By researching the local conditions and getting to know their likely audience and the competition, they have a better idea of just how to sell their product.
This is no different when it comes to selling a house. The stakes might be a bit higher than if you're selling perfume, but the same principles apply: Get to know your market and you're sure to go further in the game. Here are a few tips for making the most out of your local residential property market.
You've heard the old phrase: If you try to be everything to everyone, you'll be nothing to no one. This same piece of advice is just as useful when it comes to selling property as it is for your typical human relationships.
Rather than trying to sell to anyone, work with your agent to find out who your target market is going to be. In fact, it could be that your particular area might be predisposed to a particular type of buyer. An area with a lot of schools, for example, would be good for families, which could lead you to target them in your quest to sell.
Don't worry though - this won't involve you knocking on doors watching your neighbours get uncomfortable as you ask them personal question after personal question. You can look at sources like LJ Hooker's free myMarket Report (Click here to download), RP Data's free suburb reports or the results of the 2011 Census to get an idea of your neighbours' average age, income and other demographic ideas.
Getting the Open Inspection Right
Once you've figured out your target, you'll want to stage the open inspection specifically for their needs and circumstances. A home for a four-person family, after all, looks different than a home occupied by a young single person. Depending on the particular target, you'll want emphasise different elements - a roomy living room and the number of bedrooms for a family, for example.
Keep in mind, also, that Saturdays are typically the most popular day for open inspections.
For a detailed checklist on how to prepare each room of your home for open inspections, Click Here.
Have Your Finger on the Pulse of the Market
Before you sell your property, it pays to get an idea of the overall conditions in the market. Is it a buyer's or a seller's market? Things like prices, average sales numbers and proportion of successful auctions should let you know whether it's an advantageous time to sell.
Remember, too, to do research with the real estate agent. Take a look at what local houses are selling for, and visit other open inspections to see what your competition is doing.